Tax Obligations You Need To Know About

obligations

This month we're talking about everybody’s favorite topic: taxes and tax obligations. We know, we know…it’s actually not your favorite topic, nonetheless, it’s a very important topic so it’s something we’ve got to address. If you missed our first two posts this month, make sure you check out our posts on How To Choose The Right Business Entity and Surprising Tax Deductions—both are full of insights you need to know. This week we'll be continuing our series by talking about tax obligations … [Read more...]

How To Make Net Operating Losses Tax Wins

tax

Regardless of what you think about President Trump politically, there’s one thing we can all agree he knows how to do well: play the tax game. While on the campaign trail last fall, The New York Times reported that Trump took an astounding $916 million loss on his 1995 income-tax return—which equates to more than 9,000 times the average amount claimed that year by all of the other Americans that applied business losses to offset personal income and, get this, opened the door to possibly … [Read more...]

How To Answer The Not-So-Quick Entity Question

When it comes to entity selection, there really isn’t a general “rule of thumb”.  Most business owners consult their attorney to determine which entity is appropriate, but in many cases, they’re making a big mistake if they don’t seek counsel from their tax team before choosing their entity. But you know that. Let’s talk about something you may not know. And that’s how to answer the entity question when it’s posed by small business owners. Often laden with misconceptions and advice they’ve … [Read more...]

Surprising Tax Deductions For Financial Advisors

Deductions

Last week we kicked off the month by giving you the information you need to decide which entity is best for you. This week, we want to talk about something that you might find to be a lot more fun—tax deductions! As a Financial Advisor, you can deduct your mileage and other auto expenses, office rental, employee wages and contract labor. But did you know there are a plethora of other things that you may be able to deduct on your taxes? Keep reading to learn about some truly surprising tax … [Read more...]

How to Choose the Right Entity

Which entity

Which type of entity is right for you? There are four types of entities and the one you choose can either work for you or against you. Let’s take a good look at some of the more important pros and cons associated with each entity type.   1) Sole Proprietorship This is the most common business structure. It’s easy to form and it offers owners complete control. The downside?  The owner is personally responsible and liable for all financial obligations of the business. If you get sued … [Read more...]

How Wealthy CPA’s Profit From Answering “Quick” Questions

questions

This time of year, every minute counts.  And that’s why there are few things as frustrating as clients that call with pesky, “quick” questions that often, are not quick at all.  And worse yet, they suck away minutes from the clock—5 minutes here, 15 minutes there—until before you know it, you’ve lost several hours during your very busiest season and you haven’t been paid a dime. Not that you want to nickel and dime your clients—you don’t—however, something’s got to give.  Your time and … [Read more...]

How To Conduct An Income Growth Strategy Session

growth tax time

During tax season, most CPA’s put in at least 60 hours of work each week. They don't have the ability to look at growth opportunities for their clients at this time. It’s an exhausting few months filled with tight deadlines, anxious clients and more often than not, too few hours in the day to get everything on the to-do list done. It’s not uncommon for the clients your CPA networks manage to request help growing their wealth during tax season. After all, for many, this is when they take a … [Read more...]

How Technology & Outsourcing Can Save You Big Money

Outsourcing Technology

If you’ve ever been to a conference or meeting where a panel of people behind 7 figure success stories share their secrets, you’ve most definitely heard at least one tell you the secret to success is to spend your time working on the tasks that ONLY YOU can do and to begin outsourcing everything else. They’re right. There is absolutely no reason you should be emptying the trash, stocking the kitchen, scanning in tax forms, or securing signatures from your clients in person at this stage in … [Read more...]

How To Help Your Clients Get Organized At Tax Time

Get Organzied

Earlier this month we gave you a glimpse into the typical day of an accountant and last week, we taught you about some great time-saving hacks and technologies that you could share with the CPAs in your network. This week we’re going to give you some tips on how to add value to your relationships with clients by assisting them in coordinating their tax documents for their CPAs and get organized. By helping your client get organized for tax season, you’ll also be helping your client’s CPA. … [Read more...]

The Surprising Link Between Workplace Efficiency & Your Budget

Budget Effeciency

As a tax business owner, you know the importance of constantly looking for ways to reduce costs.  Over the next four weeks, we’re going to help you by sharing four of our favorite cost-reduction strategies. We’ll start by taking a deep dive today into the benefits of increasing workplace efficiency. Workplace efficiency has a sort of domino effect to it: Every time you practice efficiency in the workplace, you decrease the amount of time (and money) you need to spend in order to get things … [Read more...]